RAPAPORT... India-based jeweler Gitanjali Gems has formed a joint venture with Armo Netherlands Finance to import Morellato jewelry and other products into India. Armo is a subsidiary of Italy-based Morellato & Sector Group.
The agreement provides for the distribution of all the watch and jewelry brands of the Italian group including its Morellato, Molecole, Sector, Philip Watch, Just Cavalli Jewels, Just Cavalli Time, Miss Sixty Jewels, Miss Sixty Time, Roberto Cavalli Timewear, John Galliano, and Pirelli Pzero Tempo.
The two companies invested between $15 million and $20 million in the venture, which will see the distribution of the products through India and the opening of dedicated stores to sell the brands.
“The joint venture aims to having a 360 degree approach in the value chain from having a manufacturing base in India to branding & distribution of the same through the extensive network of the Group,” said Mehul Choksi, chairman of the Gitanjali Group. “We strongly believe that in the changing retail scenario, there is a huge potential for growth in the branded jewelry and & lifestyle segment, as it offers consumers a guarantee of quality that they can trust. “
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